BorgWarner has entered into a definitive agreement to acquire Sevcon Inc., a global player in electrification technologies. Sevcon complements BorgWarner’s power electronics capabilities utilised to provide electrified propulsion solutions. The transaction is expected to close in the fourth quarter of 2017 subject to certain terms and conditions, including the approval of Sevcon’s stockholders and receipt of required competition law approval. The expected enterprise value of the transaction at closing is approximately $200 million.
“This acquisition supports our existing strategy to supply leading technology for all types of propulsion systems; combustion, hybrid and electric. We look forward to welcoming Sevcon’s talented employees to BorgWarner,” said James Verrier, President and CEO of BorgWarner.
BorgWarner Inc is a global product leader in clean and efficient technology solutions for combustion, hybrid and electric vehicles. With manufacturing and technical facilities in 62 locations in 17 countries, the company employs approximately 27,000 worldwide